Galleria on the Park Condos . One of the cities with the fastest property growth. According to the annual evaluation report released last month by Municipal property Evaluation Company (MPAC), real estate value in Ontario increased by C $37 billion in 2020, of which Wanjin City increased by C $966 million, making it one of the cities with the fastest property growth in the country.Please Visit: Galleria on the Park Condos to Get Your VVIP Registration Today!
According to yorkregion, more than 60 percent of Ontario’s new real estate values are located in 10 cities, with Wanjin ranked seventh, behind Toronto (11.65 billion yuan), Ottawa (2.68 billion yuan), Wang City (1.49 billion yuan), Hamilton (1.15 billion yuan), Missisaga (1.14 billion yuan) and Brampton (1.11 billion yuan). Wanjin was followed by Oakville (951 million yuan), Milton (901 million yuan) and London (706 million yuan).
Nicole McNeill, President and Chief Executive Officer of MPAC, said: even during the novel coronavirus pandemic, Ontario property values continued to grow, with the assessment showing an increase of C $37.3 billion in Ontario property value, including new buildings and improvements to existing properties.
In 2020, Ontario added more than 36000 new residential units and 16000 apartment units. As people spend more time at home this year and many invest in improving their homes, the number of decoration permits in Ontario has increased by 28%.
Strictly speaking, the added value of these properties is the statistical construction of new properties and the renovation of existing properties, Nicole McNeill said. MPAC did not re-evaluate existing properties that had not been renovated in the past year.
In March 2020, the Ontario government postponed a province-wide assessment update originally scheduled for this year.
Property values in Ontario continue to be based on the January 1, 2016 assessment, the date of the latest province-wide update.
MPAC updates the current valuation of each property in Ontario every four years to understand changes in the property and real estate markets. The result of MPAC’s assessment is the basis for collecting land rent.